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The National Council on Aging maintains a web tool at www.BenefitsCheckUp.org that can help adults over age 55 figure out which of the more than 2,000 federal, state and private benefits programs they might qualify for based on their financial situation and location.

Ed Slott answers a question from a consumer in Florida about whether he can move money from his Roth IRA to a company-sponsored Roth 401(k). This video describes the differences between the two accounts and answers the question about transferring funds.

Wills have been around for a long time. The oldest known will was found in a tomb in Egypt and dates to 2548 BC. It doesn't matter if you are young, old, or in-between; if you own property - you need a will.

This week's Slott Report Mailbag includes questions on some of our most-discussed topics, including 60-Day IRA Rollovers and the Roth IRA 5-year rules for distributions. These are delicate areas filled with penalty traps, so make sure you use the answers below as a guide and contact a competent, educated financial advisor to steer you around the landmines of taxes and penalties.

Wait a minute? Isn’t the deadline for making an IRA or Roth IRA contribution the tax filing deadline, not including extensions? You bet your bottom dollar it is! Then how, you might ask, can you possibly make a 2011 IRA contribution on May 9, 2012 – well after the general filing deadline of April 17, 2012? We'll tell you!

We have previously written about a "lack of financial literacy," indicating that many individuals don't know or understand the benefits of IRAs or saving for retirement. Help set up your children and grandchildren for a successful financial future!

Many IRA owners do not realize that they can only do one IRA-to-IRA or Roth-to-Roth rollover, per IRA or Roth IRA account, per year. If you have more than one IRA or Roth account, you can do one rollover from each account. So you could do five rollovers when you have five IRAs. If you do a rollover on April 20th, you cannot do another rollover from that account until the next April 20th.

This week's Slott Report Mailbag includes questions (and our answers) on the income requirements for a Roth IRA contribution, SEP IRAs and governmental 457(b) plans. As always, we stress the importance of working with a competent, educated financial advisor to keep your retirement nest egg safe and secure. Find one in your area at this link.1.

Is a monthly retirement check considered income in order to open a Roth IRA? 


Answer:An IRA contribution must be based on the taxable compensation of the individual for the year of the contribution. Pension, profit sharing or IRA distributions are not considered compensation for the purpose of a contribution to an IRA.

Can you believe that we are already in May? And in 2012 no less? In the spirit, somehow fast forwarding into the future and being in May of 2012, here are 12 things you may not do with your retirement account.1) You may not convert or rollover a required minimum distribution (RMD). A year’s RMD must be taken prior to making any such transaction.2) You may not claim “hardship” as an exception to the 10% early distribution penalty. No such exception exists!!3) You may not name your estate as your IRA beneficiary if you want your beneficiaries to stretch your IRA. 4) You may not make a Roth contribution for 2012 if your income is above certain thresholds. Click here to see those thresholds.5) You

Tax-saving strategies should be on the tip of every financial advisor's tongue throughout 2012. In this video roundtable, we discuss life insurance, annuities (more specifically QLACs), Roth IRA conversions as well as higher taxes (namely the 2013 health care surtax) coming in 2013.  Share this video with your clients, your friends and your family so they know what tax-saving strategies to implement and what tax laws to keep an eye on this year.2014 Retirement Guide Helps You